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Kopi Time E100 - Raghuram Rajan on fault lines in global finance and economy
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Kopi Time hits 100 episodes! Raghuram Rajan, Professor at the University of Chicago, former Governor, Reserve Bank of India (2013-16), former IMF Chief Economist (2003-06), returns to our podcast to talk about the risks building up in global finance and economy. We begin with duration mismatch risks causing a rise in vulnerability among banks and nonbank financial institutions in the US. Is this an inevitable result of the exceptional monetary accommodation of the past decade and a half, followed by some tightening? Why haven’t post-GFC regulations stemmed such risks from materialising? What are the indicators to watch going forward, and what can policy makers do at this point? What about the entire edifice of inflation targeting, and where do emerging market economies fit into all this? While this discussion focuses largely on financial sector stress and central banking, Professor Rajan also weighs in on the issue of sovereign debt restructuring that is badly needed for a number of developing countries, with critical roles to be played by creditor nations and multilateral organisations. Very few thinkers have been as prescient as Raghuram Rajan in capturing the fault lines in modern finance; it was a privilege to have him on the show in such momentous times.
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